All partners are fined £100 if a 2010 tax return is not sent in by 31 January 2011. A further penalty of £100 applies per partner if the return is still outstanding by 31 July 2011.

Reasonable excuseIn some circumstances, penalties may be waived if a tax return or tax payment is made late. Such examples could be a prolonged period of illness or family bereavement. The tax office must be notified.

It is sometimes possible to avoid surcharges by agreeing a payment plan to pay any outstanding tax over an extended period. This must be in place before the tax becomes payable.

Estimated returnsIf you still do not have all the information to complete your tax return, you can submit an estimated return. You must tell the Revenue what items of the return are estimated and when you believe you will be able to resubmit the return with the actual figures. This should avoid the late tax return penalty.

Kirkpatrick & Hopes is a trading name of Kirkpatrick & Hopes Ltd. Regulated for a range of investment business activities by the Institute of Chartered Accountants in England and Wales. A registered Training Practice of the Association of Chartered Certified Accountants. Registered in England. Company Number 4182948.